CBL Corporation has today been placed into liquidation, voluntary administrator KordaMentha says in a statement.

The New Zealand High Court this morning approved the liquidation application by creditors as they look to recoup whatever they can from the New Zealand insurer, which has been in voluntary administration since February last year.

The administrator’s Brendon Gibson and Neale Jackson have been appointed liquidators.

They have asked the High Court to give the green light to provide creditors and shareholders with statutory reports and other related documents.

The administrators’ report released last month shows the insurer owes creditors about $NZ173 million ($163 million).

CBL Corporation’s subsidiary CBL Insurance was ordered into liquidation by the High Court last November.